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Ukraine Auctions Off $200M Russian Yacht for the benefit of Ukraine
Royal Romance (file image courtesy Tjerk Zweers / CC BY 2.0)
Dr.G.R.Balakrishnan Apr 25 2024 Marine News

Ukraine Auctions Off $200M Russian Yacht for the benefit of Ukraine

The government of Ukraine has selected a Dutch auction house to oversee the sale of the Russian yacht Royal Romance, which was seized and transferred to Ukrainian ownership earlier this year. 

 

Croatian and Ukrainian authorities say that Royal Romance was owned by Viktor Medvedchuk, a former Soviet lawyer, Ukrainian politician, oligarch and supporter of Russian President Vladimir Putin. Medvedchuk was indicted by Ukrainian prosecutors for treason in 2021, and was captured by Ukrainian forces in April 2022. He was handed over to Russian forces in a prisoner exchange later that year, and he now resides in exile in Russia.  

Medvedchuk has been sanctioned by Ukraine and twice by the United States.

 

"The assets of traitors to Ukraine will be used for the benefit of Ukraine," said ARMA in a statement. "This case also sends a clear message to oligarchs and corrupt officials that their illicit assets will be identified, seized and realized for the benefit of the Ukrainian people."

The international forfeiture and sale of Russian megayachts has had uneven progress, thanks in large part to the difficulty of proving ownership.